Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It represents the extra benefit or satisfaction that consumers receive when they purchase a product for less than their maximum price. For example, if a person is willing to pay $50 for a concert ticket but buys it for $30, their consumer surplus is $20. This concept is important in economics as it helps measure the overall welfare of consumers in a market. Higher consumer surplus indicates that consumers are getting more value from their purchases, which can lead to increased demand for products and services, benefiting both consumers and producers in the long run.